Take Our Quiz to Find Out How Much You Know About American Finance

How much do you know about American financial trends? Take our quiz, and see how you do! It may be that the things you learn here can help your understanding of the financial trends of where you live. Find out how to forecast your own financial growth by keeping your eye on current US trends.

Much has been written about Millennials, or those born between 1981-1987, and how their financial decisions have affected economies all over the world. How much of the current economic woes can actually be attributed to this generation? Are they hurting the economy, or is it hurting them?

The truth is that while statistics from the Bureau of Labor Statistics found that although Millennials had less debt overall than Generation X-ers, they had a much different net worth than their predecessors. How much do you think this is?

10% higher

40% lower

70% lower

5% higher

Industries all over the world have been taking seriously the need to create and implement innovations which provide environmental benefits. North America is no exception to this valuable trend. The latest data from Statistics Canada shows the percentage of industries for the 2015-2017 period which have provided changes in their products to ensure benefits to the environment.

Under the North American Industry Classification System (NAICS), what percentage of Canadian enterprises include innovations with any environmental benefits?

3%

78%

16%

40%

Household income fluctuates depending on wage and inflation, as well as how many people live in a particular household and contribute. These statistics can reflect how well a particular area is doing, because they say a lot about the standard of living.

According to the latest data, what was the median household income in the United States?

$43, 870

$32, 871

$57, 652

$61, 372

Debt rises relative to the size of the economy. Personal debt has been going up for a number of years, with no signs of slowing. Its most common causes include credit card debt, mortgages, and payday loans, among others.

With the cost of living rising steadily, what is your guess as to the total amount of debt in American households according to the latest data?

45 million

13 trillion

5 billion

77 million

Speaking of debt, personal savings is an area that many people struggle with as costs go up and wages often aren’t commensurate. Americans are constantly grappling with the disparity between spending and saving, and it can be difficult to find money left over to put away for an emergency.

What percentage of Americans don’t have enough savings to cover a $400 emergency?

67%

23%

44%

18%

It’s not all bad news; many countries are leading in economic growth regardless of citizens’ personal financial issues. The GDP, or gross domestic product, is one of the best indicators of how well a country’s economy is faring. This number is made up of the total dollar value of all goods and services within a certain time frame, generally broken into quarters over the space of a year.

How high do you think America’s current GDP growth rate is, according to the most recent studies?

3%

2%

-3%

0.2%

Fintech is an area we discussed in the previous European finance quiz. Rapid global growth has made financial technologies more than just a fad; companies are utilizing it more and more to appeal to a greater range of consumers as well as to save time and money for businesses in a wide range of industries. Although these technologies have been a boon to companies and consumers all over the world, many incumbents still fear the rise of Fintech, worried it may negatively affect their business.

What is the percentage of business owners in North America who are concerned that part of their business is at risk from Fintech?

27%

82%

69%

48%

Answer Key:

Even though Millennials held less debt overall than Generation X, their average net worth was still a surprising 40% lower. The prior generation had most of their debt tied up in assets like mortgages, whereas Millennials hold more student debt, fewer assets, and lower earnings. So although this generation is buying less, the economic necessity means that these financial decisions aren’t a choice, leaving them with less buying power. The economy is hurting them.

The most recent data, taken from Statistics Canada, shows that between the years 2015-2017, the percentage of industries which included innovations with some type of environmental benefits was 40.1%. These environmental helpers include things like reduced air, water, soil, and noise pollution, fewer greenhouse gas emissions, increased recycling, and reduced energy use. Great news for the environment!

The latest figures show the median household income in the United States at $61,372. Social class, geography, education, and gender influence these figures, but overall, the 2017 US median household income rose 1.8% from 2016, making it the third consecutive annual increase.

By the end of 2018, debt in American households had reached a whopping $13.5 trillion. That means that the total household debt was almost 7% higher than the most recent peak in 2008. Credit card debt, delinquent student debt, and late car payments contribute to this growing trend.

Almost half of Americans couldn’t afford to cover a $400 crisis. 44% don’t have the savings to help them survive an unexpected bill, loss of a job, or medical emergency. It is crucial to have a savings fund to help prevent catastrophe due to an unforeseen event that could derail your life.

Right now, the GDP growth rate in the United States is 2.2%, which means the economy grew at that rate percentage in the fourth quarter of 2018. This falls within the ideal growth rate of 2-3%, and puts the US in first place for countries with the largest GDP.

The Global FinTech Report 2017 showcases the growing influence of fintech on financial services. Statistics from the report show that a huge 82% of North American businesses feel that they are at risk from these emerging technologies. With a little research into how fintech can benefit them and by adopting some of these technologies themselves, business owners will find that they have nothing to lose except extra costs!

How did you do? If you got more than 5 answers right, you have a strong understanding of North American finance. If not, don’t worry! You learned a lot, and will do better on our next quiz.

Wondering how this data can affect and inform your own financial practices? By combining technology with your financial needs to create accurate and balanced data and reports based on precisely tracked billable hour information, you can save time and money for your business.